Jamb Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 6:

• JAMB 2019

Accounts can be classified into

A. Cash and credit transactions
B. Cash and credit accounts
C. Personal and private account
D. Personal and impersonal account

Question 7:

• JAMB 2019

Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit

A. Tosanwumi International, credit purchase Account
B. Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000
C. Credit Account ₦150,000, Credit Tosanwumi International ₦150,000
D. Tosanwumi International ₦150,000, credit credit Account ₦150,000

Question 8:

• JAMB 2019

If only wages is shown on the trial balance, it should be charged to the

A. Profit and loss account
B. Trading account
C. Balance sheet
D. Wages account

Question 9:

• JAMB 2019

Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

	₦	₦
Salesless: cost of goods sold		233,000170,000
		63,000
less: Overhead ExpensesAdmin expensesSelling expensesOther overhead expenses	16,80015,0006,200
Net profit		25,000

What is the Gross Profit on percentage of sale?

A. 2.7%
B. 0.27%
C. 27.0%
D. 29.8%

Question 10:

• JAMB 2019

Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

	₦	₦
Salesless: cost of goods sold		233,000170,000
		63,000
less: Overhead ExpensesAdmin expensesSelling expensesOther overhead expenses	16,80015,0006,200
Net profit		25,000

Calculate the net profit on percentage of expenses.

A. 60%
B. 25%
C. 13%
D. 65.7%